JP Korpi, a public adjuster and founder of K-Factor Advocates, offers perspective on how restoration contractors and adjusters can work together in the interest of policyholders.
The not seasonally adjusted national construction unemployment rate dropped 2.6% in September 2021 from a year ago while 49 states had lower unemployment rates over the same period, according to state-by-state analysis of U.S. Bureau of Labor Statistics data released by Associated Builders and Contractors. Only one state, Alaska, had a higher estimated rate than it did in September 2020.
National nonresidential construction spending contracted 0.6% in September, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $791.2 billion for the month.
The merged companies will continue as BluSky Restoration Contractors. In addition to restoration services currently provided by Menold, BluSky plans to add its commercial roofing and healthcare restoration business lines to the Illinois markets.
Associated Builders and Contractors is calling attention to a new report that highlights the negative economic impact of controversial government-mandated project labor agreements on nonunion construction workers, who comprise 87.3% of the construction industry workforce.
“In addition to ongoing, global supply chain disruptions, which in many instances are worsening, transportation costs are surging due to rising fuel prices and insufficient capacity. This will put additional upward pressure on input prices which could cut contractor profit margins,” said ABC Chief Economist Anirban Basu.
“Nonresidential construction backlog declined for a second consecutive month as skills and input shortages hammer the industry,” said ABC Chief Economist Anirban Basu.
The construction industry added 22,000 jobs on net in September. Overall, the industry has recovered 912,000 (81.9%) of the jobs lost during earlier stages of the pandemic.
Higher materials prices and labor costs have put more projects on hold and, in many cases, rendered projects infeasible, ABC Chief Economist Anirban Basu said.
